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The GENIUS Act amendment draft proposes new regulations for stablecoin issuance.
Gate.io News bot message, encrypted journalist Eleanor Terrett reports that the GENIUS Act amendment draft establishes new standards for stablecoin issuance. The draft stipulates that stablecoin issuers may not claim their products are insured by FDIC or backed by the credit of the U.S. government, and it also prohibits the use of names that include terms such as "United States" or "USG."
The draft also sets additional provisions for large technology companies such as Meta, Amazon, Google, and Microsoft, requiring these institutions to meet specific standards for financial risk control, data privacy protection, and fair business practices when issuing stablecoins.
Source: Wu Says